https://www.taxtmi.com/caselaws?id=100033 In sanctioned amalgamation proceedings, the voting right on the scheme belongs only to members of the transferor and transferee companies, not to creditors or other interested persons. The phrase "liable to be wound up" in the amalgamation provisions is construed broadly, so a financially sound company may still participate in reconstruction. Tenancy rights form part of "property" vesting in the transferee by operation of law under the scheme, so landlord consent is not required at sanction stage. The Court also held the schemes to be consistent with public interest and approved them with modifications, creditor protection measures, vesting directions, and dissolution of the transferor company without winding up. en-us Fri, 05 Dec 1980 00:00:00 +0530 Tue, 31 Jan 2012 10:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100033 In sanctioned amalgamation proceedings, the voting right on the scheme belongs only to members of the transferor and transferee companies, not to creditors or other interested persons. The phrase "liable to be wound up" in the amalgamation provisions is construed broadly, so a financially sound company may still participate in reconstruction. Tenancy rights form part of "property" vesting in the transferee by operation of law under the scheme, so landlord consent is not required at sanction stage. The Court also held the schemes to be consistent with public interest and approved them with modifications, creditor protection measures, vesting directions, and dissolution of the transferor company without winding up. Case-Laws Companies Law Fri, 05 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100033